Luxury Goods Market in China - Statistics & Facts

Luxury Goods Market in China - Statistics & Facts

Statistics and facts on the Luxury Goods Market in China

The global luxury goods industry, which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage and handbags, has been on an upward climb for many years. The value of the personal luxury goods market worldwide was projected to reach 249 billion euros in 2016. Over the past decade, China and in particular the Chinese consumers have taken the lead in luxury shopping. Despite China’s slowdown in economic growth, the crackdown on gifting and weaker currency, the luxury goods market remained stable. Sales values of personal luxury goods in China were estimated to reach nearly 18 billion euros in 2015, ranking third after the United States and Japan. However, since many wealthy Chinese consumers travel abroad to buy luxury goods, the overall contribution of Chinese consumers to the world’s luxury goods market may be even higher than that from domestic consumption.

Store–based retail dominated the luxury goods market in China. The world’s top ten most valuable luxury brands all have their own stores in China, distributing mostly in economically developed regions. As the world’s most valuable luxury goods brand, Louis Vuitton opened its China’s first store in Beijing in 1992 and owned 44 stores in China in 2015. The new Chinese luxury shoppers tend to shop both in stores and online. The volume of online luxury goods market had grown by approximately 30.9 percent from 2014 to 2015, which encouraged many brands to engage their Chinese consumers through omnichannels that combine store and online experiences.

While luxury clothing brands could be afforded by more and more Chinese normal consumers, the ownership of luxury cars started to be seen as a major symbol of wealth and status. The rapidly growing luxury cars market in China also leads to more and more intense competition among luxury brands in China. While Land Rover, Jaguar and BMW already occupy a great share of the luxury car market in China, newcomers including Aston Martin, Lamborghini and Spyker are still struggling for new customers by taking part in the competition. Vehicle sales of Porsche in China were estimated to reach more than 50,000 units in 2015.

Photo: / hronos7; / benglim

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